This paper considers the question of under what circumstances a new environmental regulation should "phase in" gradually over time, rather than being immediately implemented at full force. The paper focuses particularly on climate policy, though its insights are more general. It shows that while...

There are at least two policy regimes to be considered, one for environmental biotechnology, and another for industrial biotech. Environmental biotechnology is focused on biotechnologies for environmental clean-up, and much of the policy in this area is around compliance. Industrial...

Instead of efficiently pricing greenhouse gases, policy makers have favored measures that implicitly or explicitly subsidize low carbon fuels. We simulate a transportation-sector cap & trade program (CAT) and three policies currently in use: ethanol subsidies, a renewable fuel standard (RFS),...